ICICI Pru Life Q4 Net Profit Falls 26% to Rs 174 Crore

ICICI Prudential Life Insurance has reported a 26% decline in its net profit for the fourth quarter of the fiscal year, with the insurer announcing a dividend payout to its shareholders. The company's net profit for the quarter stood at Rs 174 crore, compared to Rs 235 crore in the same period last year.

The decline in net profit was largely attributed to higher claims and a significant increase in policyholder benefits. However, the insurer's net premium income saw a significant rise, increasing to Rs 14,788 crore from Rs 12,032 crore in the same quarter last year, representing a growth of 22.8%.

  • The insurer's annualized premium equivalent (APE) grew by 16% to Rs 3,066 crore, driven by a strong performance in the protection and annuity segments.
  • The company's retail new business premium increased by 20% to Rs 2,444 crore, while the group new business premium rose by 12% to Rs 622 crore.
  • ICICI Prudential Life Insurance declared a dividend of Rs 2.25 per share, which will be paid to shareholders subject to approval at the upcoming annual general meeting.

The company's solvency ratio stood at 204.3% as of March 31, 2023, significantly higher than the regulatory requirement of 150%. The insurer's assets under management (AUM) grew by 14% to Rs 2.34 lakh crore, driven by a strong increase in policyholder funds.

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ICICI Prudential Life Insurance has maintained its position as one of the leading private life insurers in the country, with a strong distribution network and a wide range of products catering to the diverse needs of its customers.